Lot 1306
1795 Flowing Hair Dollar. 3 leaves beneath each wing. NGC graded AU-53 BB-27, B-5. Some luster visable. An very attractive example of this first style of U.S. silver dollar, among the best in its class. The luster is evident on both sides, and both surfaces are pleasing light silver-gray in color, hiding nothing, but fortunately there is nothing to hide. The coin is outstanding for the grade.
A brief review of America's early silver dollars will put this flowing hair 1795 in its proper perspective. The mintages were small throughout 1794-1803 because little demand existed domestically for silver dollars. The first United States Mint struck coins to order, for the most part. That is what the "free coinage" of silver and gold meant in those halcyon days. Bankers and others deposited silver or gold with the Mint, which the Mint's workers turned into the desired coinage and then delivered to the owners of the precious metals.
Those depositing silver with the Mint in those first years has a preference for the more convenient half dollars to the silver dollars, ordering more of the smaller denomination than the larger. As best as we can understand, the silver was too large for small transactions but too small for convenient transportation or storage of large sums. Many 1794-1803 silver dollars were melted.
Striking silver dollars that were only going to be melted (or exported) was wasteful of the Mint's production capacity. Production of this denomination ceased after 1803, possibly under the orders of President Jefferson. The halt in production for the silver dollar proved more than temporary. It wouldn't be struck for circulation again until 1840, at the second Philadelphia Mint. Pop 6; 11 finer. (PCGS # 6852) .
Estimated Value $16,000 - 18,000.
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